FIFA drops controversial World Cup investment plan: Details here
What's the story
FIFA President Gianni Infantino has announced the cancelation of a controversial plan to sell private stakes in future World Cup tournaments. The proposal, which aimed to set up a separate subsidiary with private equity investment, was met with widespread criticism from fans and soccer associations worldwide. Infantino said he had listened carefully to all views and concluded that the project had created divisions that were not in line with FIFA's original objective of uniting and improving the sport.
Rising opposition
Proposal faced intense scrutiny and criticism
FIFA's plan was to raise up to $4.2bn by selling about a 20% stake in a new unit that would run FIFA events, including the World Cup, valuing it at $20bn.
The proposal faced intense scrutiny and criticism, with UEFA warning that it threatened the "soul and governance" of the game.
In response to FIFA's plan, UEFA threatened to boycott future men's and women's World Cups.
North America, Central America, and Caribbean Football Confederation (CONCACAF) also rejected FIFA's proposal but stopped short of a boycott.
Internal dissent
Infantino's senior advisor resigns in protest
The opposition to Infantino's plan intensified when his senior advisor Carlos Cordeiro resigned in protest.
He said he could not stand by while FIFA considered selling a stake in the World Cup and was against the proposal.
FIFA COO Kevin Lamour also opposed Infantino, calling it "the project of one person" and saying football political leaders need to ask themselves the right questions and make appropriate decisions.
Support for unity
Asian Football Confederation welcomes FIFA's decision to scrap proposal
The Asian Football Confederation (AFC) welcomed FIFA's decision to scrap the proposed plan.
AFC President Shaikh Salman bin Ebrahim Al Khalifa said, "The future of global football must always be shaped through proper consultation, collective dialogue and respect for the established governance structures of our game."
He added that the AFC is ready to support any initiative that strengthens football family unity and contributes to its continued growth globally.